SWhile a previous slide showed the ratio of
distillate and gasoline demand in Europe, this slide shows the volumes.Diesel-fuel demand has been growing in both
the United States and Europe.But in
Europe, diesel-fuel demand is growing rapidly while gasoline demand is
declining.In fact, diesel-fuel demand
today exceeds gasoline demand.

SLooking ahead, European diesel-fuel demand is
expected by many forecasters to continue to grow, while gasoline demand will
continue to decline.

SGenerally, total demand for distillates and
gasoline in Europe is growing very little, which has been part of an ongoing
effort to stem transportation demand in order to reduce CO2 emissions in
response to greenhouse gas concerns.